Bitrewards

Bitrewards is a cashback service that gives rewards for purchases in cryptocurrency.

How it works:

Bitrewards aims to connect retailers with customers on a mutually beneficial platform. Retailers get free access to BIT software that shows revenue growth of up to 17%. Shoppers get rewarded for purchasing, inviting friends, liking on Facebook or other activities that facilitate the growth of the community.

The platform features BitRecommendations, an AI data analysis system. It recommends actions and rewards to make the marketing campaign a retailer runs more effective. Merchants just need to send anonymous information about their customers’ behaviour to the system and it will return the best strategy to increase sales.

Innovation:

BitRewards operates under a very popular business model. Nonetheless, they introduce a couple of features they have developed, like an AI data analysis system.

Innovation score: Medium

Token value:

Retailers reward customers with BIT tokens, customers redeem or hold their token rewards. Naturally, as the demand for BIT outweighs the supply, it will go up in price. This is when token holders can have a profit out of their investment.

Token value score: Medium

White paper:

Bitrewards presents a rather good white paper. It shows a market overview and discusses key problems that the industry faces. After the value proposition, the white paper presents a detailed product architecture and main concepts of the project. It also shows the business model and marketing strategy as well as a brief legal notice.

White paper score: High

Roadmap:

As of today, the company has a working points based loyalty site giftd.tech, on the basis of which they are launching Bitrewards. Currently they are waiting for the results of the ICO campaign to continue developing Bitrewards. The alpha of AI driven recommendation system is going to be released in November 2018, and is expected to be fully integrated in April 2019.

Roadmap score: Medium

Business model:

BitRewards is based on a business that has been working for five years now, giftd.tech. Over 500 merchants are using it today, and it shows an average revenue increase of 17%.

The platform will not charge transaction commission until after a year of operation, to maximize the potential for growth. After a year, the commission will be 0.5%, which still attracts users because it’s very low, and brings in revenue because of the volume of transactions made.

Also, the platform may charge extra fees for enhancing merchants’ campaigns by making customary apps or customary blockchain solutions.

The marketing strategy for attracting new merchant includes active interaction with the community of online store owners, partnering up with e-commerce platforms and building relationships with service providers.

Business model score: High

Team:

The project’s CEO has 15 years of experience in banking, finance and debt issuance. The CTO is a winner of the ACM-ICPC/IOI championships and the lead developer for one of the biggest Bitcoin mining pools. BitRewards’ COO has been developing strategic industrial projects with Fortune 500 companies. One of the company’s machine learning engineers worked on the projects for Philips adn Mitsubishi.

The highlights of the advisory board include the founding director of Blockchain Association of Ireland and the founder of a consulting company that has been solving complex legal problems for fintech industry since 2015.

Team score: High

Competitors:

Coupon and cashback market has very strong competition. Blockchain based coupon and cashback services are appearing fast too. BitRewards are not the first to jump on the bandwagon.

Their main advantage is that they base their new platform on the already existing one, giftd.tech.

Competitors score: High

Overall thoughts:

BitRewards enters a highly competitive market, but they have a couple of aces up their sleeve. Investing in them is a bit of gamble, but it might be worth it.